Novartis 1Q Net Profit, Sales Grow

 By Donato Paolo Mancini

Swiss pharmaceutical company Novartis AG (NOVN.EB) said on Thursday that its first-quarter net profit rose, boosted by drugs Entresto and Cosentyx.

Novartis said net income rose to $2.03 billion, from $1.67 billion, with net sales increasing to $12.7 billion from $11.5 billion.

The company maintained its outlook for 2018, with group net sales expected to grow at a low to mid-single digit rate. Novartis expects group core operating income to grow by a mid to high-single digit rate.

Separately, Novartis said it appointed John Tsai as chief medical officer and head of global drug development. Dr. Tsai will join Novartis on May 1 and become a member of the executive committee.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com

(END) Dow Jones Newswires

April 19, 2018 01:42 ET (05:42 GMT)

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